Question: What If I Change My Mind?
Answer:
This is probably the most common questions I get from both first time buyers and seasoned buyers combined. It's human nature to want time to think about things and second, third and even seventh guess our decisions, especially big ones like a property purchase. If there ever was a perfect reason to use an agent to represent you in a purchase, this is it! The laws by state vary about contingencies and cancellations, and while a real estate agent is probably not an attorney, they should be well versed in the laws which apply and are trained to protect your rights.
To answer the question, there are many ways to change your mind. They are called contingencies. In simple terms a contingency means that until you have had a chance to approve certain things, you can still change your mind without penalty. These include home inspections, Homeowner's Association rules, seller disclosures, appraisal, insurability....and others. The "get out of jail free" contingency is normally the home inspection. In California you are not required to prove why the condition is not acceptable, nor give the seller the ability to fix anything. You can merely decide that the home does not suit you, based on an inspection.
As you can see, there are many ways to "change your mind." I like to tell buyers that purchasing a property is a series of decisions, not one. The very first decision is to write an offer, and then we go from there. Did the appraisal come back at value? Can you insurance company provide reasonablly priced fire insurance? Have you read the seller's disclosures of issues, and are the past issues acceptable for you? Are there any Homeowner's Association rules you find unworkable?
As long as the answers stay YES, we keep moving forward. If we hit a NO, then we either correct it, or cancel it.
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